SPRINGFIELD — Actual property funding belief Vici Properties accomplished its $17.2 billion purchase of MGM Development Properties, together with the actual property of MGM Springfield.
On line casino operations at MGM places, together with Springfield, gained’t change, MGM Resorts Worldwide has stated. The corporate beforehand sold the land and buildings at MGM Springfield for $400 million to MGM Development Properties.
MGM now has a grasp lease with Vici for on line casino actual property in Springfield and elsewhere with an preliminary time period of 25 years, with three 10-year tenant renewal choices and an preliminary complete annual hire of $860 million. Hire beneath the MGM grasp lease escalates at a fee of two% a 12 months for the primary 10 years and thereafter on the better of two% a 12 months or the annual improve within the shopper value index.